Scarborough holiday buy-to-let mortgage launched

Scarborough Building Society has launched its latest buy-to-let mortgage offer for would-be investors that wish to put their money into overseas property.

The Scarborough holiday buy-to-let mortgage comes with a choice of base rate tracker or fixed rate interest, which could see rates as low as 5.39 per cent.

Furthermore, applicants will be judged on the potential rental income of the property, rather than their own income.

Tony Burdin, head of retail strategy at Scarborough, said: "We believe these products are the first ever self-funding mortgages in the UK specifically for holiday homes.

"This is a welcome development for people who may not have sufficient personal income to support significant loans on both their main and second homes."

Further features of the Scarborough holiday buy-to-let mortgage include flexible repayments as well as payment holidays and the mortgage is also available for those purchasing or remortgaging.